Kenneth Whittaker, an activist and former payday loan customer, said, “All told, that original $700 loan cost me over $7,000…. I strongly support keeping the [currently threatened] 2017 CFPB [payday] rule. I also support the proposal to cap annual interest rates at 36% to stop predatory lenders from trapping customers into high-cost loans that can ruin their financial lives.”

“The average interest rate of the New York City so-called La Cosa Nostra organized crime families… was 250% APR. By way of comparison, the average interest rates nationwide at payday loan stores is about 400% APR,” said Chris Peterson, Director of Financial Services, Consumer Federation of America.

State and local organizations from across the country joined in a tweetstorm, livetweeted developments, and amplified messages stemming from the hearing: